Ohio bill would cap short-term loan interest rates

March 20, 2017

Written by THE ASSOCIATED PRESS

COLUMBUS, Ohio (AP) — A bipartisan bill introduced in the Ohio House seeks to cap interest on short-term loans at a 28 percent annual percentage rate.

Cleveland.com reports (http://bit.ly/2n3YP6K ) that the bill would limit payday loan lenders from charging more than 28 percent interest plus monthly fees of 5 percent on the first $400 loaned, or a maximum of $20.